Bill Gross, one of our country’s preeminent bond managers, made a rather pungent comment about our efforts. He noted that President Harry Truman “wanted a one-armed economist, not the usual sort that analyzes every problem with ‘on the one hand, this, and on the other, that.’” Gross claimed that Fed Chair (Janet) Yellen, in her speech given recently at the Fed’s Jackson Hole, Wyo., conference, introduced so many qualifications about the status of the labor market that “instead of the proverbial two-handed economist, she more resembled a Hindu goddess with a half-dozen or more appendages.”

In keeping with the theme of the night, Fisher also pointed out — in calling Texas a job-creating juggernaut — that the term juggernaut is derived from the word Jaganmatha, a title of Krishna.

Fisher repeated his concern about the central bank’s policy, saying “we have overshot the mark” on interest rates.

Interest rates on the lowest-quality credits — on “junk” — are historically low, as are the spreads they are priced at above the current historically low nominal rates for investment-grade credits. I have been involved with the credit markets since 1975. I have never seen such ebullient credit markets. The 30-year Treasury yield is trading at a hair over 3%.